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adjustable rate mortgage (ARM)

A mortgage loan with an interest rate that fluctuates in accordance with a designated market indicator -- such as the weekly average of one-year U.S. Treasury Bills -- over the life of the loan. To avoid constant and drastic fluctuations, ARMs typically limit how often and by how much the interest rate can vary.





administration (of an estate)

The court-supervised distribution of the probate estate of a deceased person. If there is a will that names an executor, that person manages the distribution. If not, the court appoints someone, who is generally known as the administrator. In some states, the person is called the "personal representative" in either instance.





administrative expenses

The trustee's fee, the debtor's attorney fees, and other costs of bringing a bankruptcy case that a debtor must pay in full in a Chapter 13 repayment plan. Administrative costs are typically 10% of the debtor's total payments under the plan.





administrator

A person appointed by a probate court to handle the distribution of property of someone who has died without a will, or with a will that fails to name someone to carry out this task. administrator ad litem A person appointed by a probate court to represent an estate during a lawsuit. (Ad litem is Latin for "during the litigation.") An administrator ad litem is appointed only if there is no existing executor or administrator of the estate, or if the executor or administrator has conflicting interests. For example, Jerry's will leaves most of his property to his brother, Jeff, and also names Jeff as executor of the will. But Jerry's sister, Janine, feels that Jerry made the will under improper pressure from Jeff, and brings a lawsuit to challenge it. The court appoints an administrator ad litem to represent Jerry's estate while the lawsuit is in progress. Also known as administrator ad prosequendum, meaning administrator "during the prosecution." administrator ad prosequendum See administrator ad litem.administrator cum testamento annexo See administrator with will annexed. administrator de bonis non (DBN) Latin for "administrator of goods not administered." This term refers to the person appointed by a probate court to finish probate proceedings when the executor or previous administrator can't finish the job.administrator de bonis non cum testamento annexo (DBNCTA) A baffling title for an administrator appointed by a probate court to take over probate proceedings when the named executor dies, leaving the job unfinished.administrator pendente lite Latin for "administrator pending litigation." This term refers to the person appointed by a court to begin probate proceedings during a lawsuit that challenges the will. The administrator pendente lite takes an inventory of the deceased person's property and handles the business affairs of the estate until the dispute is settled. Also called a special administrator.administrator with will annexed An administrator who takes the place of an executor under a will. The administrator steps in either when a will fails to nominate an executor or the named executor is unable to serve. Also called administrator cum testamento annexo or CTA, the Latin version of "with the will annexed."





administratrix

An outdated term for a female administrator -- the person appointed by a court to handle probate on behalf of someone who died without a will. Now, whether male or female, this person is called the "administrator."





admissible evidence

The evidence that a trial judge or jury may consider, because the rules of evidence deem it reliable. See evidence, inadmissible evidence.





admission

(1) An out-of-court statement by your adversary that you offer into evidence as an exception to hearsay rule. (2) One side's statement that certain facts are true in response to a request from the other side during discovery.





adopt

(1) To assume the legal relationship of parent to another person's child. See also adoption. (2) To approve or accept something -- for example, a legislative body may adopt a law or an amendment, a government agency may adopt a regulation or a party to a lawsuit may adopt a particular argument.





adopted child

Any person, whether an adult or a minor, who is legally adopted as the child of another in a court proceeding. See adoption.





adoption

A court procedure by which an adult becomes the legal parent of someone who is not his or her biological child. Adoption creates a parent-child relationship recognized for all legal purposes -- including child support obligations, inheritance rights and custody.





adoptive parent

A person who completes all the requirements to legally adopt a child who is not his or her biological child. Generally, any single or married adult who is determined to be a "fit parent" may adopt a child. Some states have special requirements, such as age or residency criteria. An adoptive parent has all the responsibilities of a biological parent.





ADR

See alternative dispute resolution.





adult

In most situations, any person 18 years of age or older.





adultery

Consensual sexual relations by a married person with someone other than his or her spouse. In many states, adultery is technically a crime, though people are rarely prosecuted for it. In states that have retained fault grounds for divorce, adultery is always sufficient grounds for a divorce. In addition, some states alter the distribution of property between divorcing spouses in cases of adultery, giving less to the "cheating" spouse.





advance directive

See living will.





adverse possession

A means by which one can legally take another's property without paying for it. The requirements for adversely possessing property vary between states, but usually include continuous and open use for a period of five or more years and paying taxes on the property in question.





affiant

Someone who signs an affidavit.





affirmative action

Positive or constructive action rather than inaction. Affirmative action programs and regulations attempt to compensate for discriminatory practices that have in the past denied fair consideration to members of minority groups. For example, an all-white government office may take steps to hire people of color. Or, a mostly-male college program may seek to balance its admissions by giving preference to female applicants. Affirmative action programs are controversial in the present political climate -- many have recently been eradicated or have come under attack -- and the subject is likely to be hotly debated for many years to come.





affirmative defense

An explanation for a defendant's actions that excuses or justifies his behavior. For example, acting in self-defense is a common affirmative defense to a charge of battery or homicide. Other affirmative defenses include insanity, duress and intoxication.





Age Discrimination in Employment Act (ADEA)

A federal law that prohibits arbitrary discrimination against workers over the age of 40 in any employment decision, especially firing. The ADEA also provides that no worker can be forced to retire.





age of majority

Adulthood in the eyes of the law. After reaching the age of majority, a person is permitted to vote, make a valid will, enter into binding contracts, enlist in the armed forces and purchase alcohol. Also, parents may stop making child support payments when a child reaches the age of majority. In most states the age of majority is 18, but this varies depending on the activity. For example, in some states people are allowed to vote when they reach the age of eighteen, but can't purchase alcohol until they"re 21.





agent

A person authorized to act for and under the direction of another person when dealing with third parties. The person who appoints an agent is called the principal. An agent can enter into binding agreements on the principal's behalf and may even create liability for the principal if the agent causes harm while carrying out his or her duties. See also attorney-in-fact.





aggravate

To make more serious or severe.





aggravating circumstances

Circumstances that increase the seriousness or outrageousness of a given crime, and that in turn increase the wrongdoer's penalty or punishment. For example, the crime of aggravated assault is a physical attack made worse because it is committed with a dangerous weapon, results in severe bodily injury or is made in conjunction with another serious crime. Aggravated assault is usually considered a felony, punishable by a prison sentence.





agreement

A meeting of the minds. An agreement is made when two people reach an understanding about a particular issue, including their obligations, duties and rights. While agreement is sometimes used to mean contract -- a legally binding oral or written agreement -- it is actually a broader term, including understandings that might not rise to the level of a legally binding contract.







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